Vietnam targets over 1 billionn USD investment in Myanmar - TopicsExpress

Vietnam targets over 1 billionn USD investment in Myanmar Vietnam is targeting over 1 billion USD in investment in Myanmar by 2015 and 2-2.5 billion USD by 2020 as the country is emerging as a hotspot for foreign investment. Deputy head of the Foreign Investment Agency under the Ministry of Planning and Investment Vu Van Chung outlined the goal at a Hanoi workshop to introduce investment opportunities in Myanmar on July 15. He said the Myanmar Government is encouraging foreign investment in aquatic farming and processing, forestry processing, household appliances, textiles and garment and oil and gas survey and exploitation. Meanwhile, Chairman of the Association of Vietnamese Investors in Myanmar (AVIM) Tran Bac Ha said there is little risk for investment made at this time, but opportunities will slip away several years later. He advised Vietnamese firms to plan long-term in the country, which can serve as the base for them to further expand their markets to Bangladesh and southern India. Cho Cho Wynn, a representative from the Myanmar Investment Commission said her government is committed to building a strong foundation for a market-based economy and favourable investment environment. While Vietnam is not the first country to invest in Myanmar, Vietnamese businesses have made considerable contribution to Myanmar ’s economic development, she said. According to Cho Cho Wynn, Myanmar boasts abundant natural resources and a large workforce as well as share many similarities with Vietnam in economic terms, so the two countries should forge a close partnership to help each other foster economic growth. Two-way trade between Vietnam and Myanmar has grown by an annual average of 60 percent since 2009. Since 2010, the AVIM has held field trips to Myanmar for nearly 1,800 Vietnamese businesses. As many as 23 domestic firms have opened representative offices in Myanmar and five projects worth a total of 600 million USD were granted licences, with the biggest being Hoang Anh Gia Lai Group’s complex of apartments, offices and hi-end villas worth 440 million USD. Eighteen other projects worth another 600 million USD invested by Vietnamese businesses are in the process of making procedures. -VNA -Photo: HuuDuc